Lumax Industries

₹2490.8 36.6 | 1.5%

WEBSITE BSE:517206 NSE : LUMAX IND 10 May, 16:01

Market Cap ₹2328 Cr.

Stock P/E 24.3

P/B 3.7

Current Price ₹2490.8

Book Value ₹ 665.6

Face Value 10

52W High ₹2815.5

Dividend Yield 1.08%

52W Low ₹ 1710.3

Edit Ratio

Lumax Industries Research see more...

Equity Research: Lumax Industries

Overview Inc. Year: 1981Industry: Auto Ancillary

Lumax Industries Ltd manufactures, trades in, and auto components for two and three wheelers, four wheelers, commercial cars, and tractors/farm system in India and the world over. The organization offers automotive lamps, including head and back lights, LED lamps, and sundry and other auxiliary lamps. It serves automotive original equipment manufacturer. The company was founded in 1945 and is based in Gurugram, India.

Lumax Industries Share Price

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Peer Comparison

Lumax Industries Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	453	435	549	512	620	579	608	618	644	632
Other Income	4	3	4	5	4	1	4	3	2	2
Total Income	457	439	553	517	624	581	613	621	646	633
Total Expenditure	416	401	492	469	560	524	559	567	589	573
Operating Profit	41	38	61	48	64	57	53	54	57	60
Interest	6	5	5	6	7	8	9	10	11	13
Depreciation	16	15	17	19	20	20	21	21	21	24
Exceptional Income / Expenses	0	-10	-7	-1	0	0	-5	0	0	0
Profit Before Tax	20	7	33	23	37	29	19	23	25	23
Provision for Tax	6	3	7	8	15	11	13	11	12	10
Profit After Tax	14	4	26	15	22	18	6	12	13	14
Adjustments	2	3	3	5	11	11	15	11	13	12
Profit After Adjustments	15	7	29	20	33	30	21	23	26	26
Adjusted Earnings Per Share	16.4	7.3	30.5	21.2	35.3	31.6	22.2	24.7	28.1	27.4

Lumax Industries Profit & Loss

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	1255	1271	1649	1851	1602	1426	1751	2320	2502
Other Income	4	6	5	12	7	25	13	15	11
Total Income	1259	1277	1655	1863	1609	1451	1765	2334	2513
Total Expenditure	1167	1170	1515	1698	1443	1326	1616	2112	2288
Operating Profit	92	107	140	165	166	125	149	223	224
Interest	13	11	8	16	23	29	22	30	43
Depreciation	38	41	48	60	64	65	64	80	87
Exceptional Income / Expenses	0	0	0	36	0	0	-17	-5	-5
Profit Before Tax	41	54	84	125	92	33	53	149	90
Provision for Tax	4	10	26	30	20	15	12	46	46
Profit After Tax	37	44	58	95	72	18	41	103	45
Adjustments	15	11	13	9	0	0	0	0	51
Profit After Adjustments	52	54	71	104	72	18	41	103	96
Adjusted Earnings Per Share	55.7	58.2	76.3	111	76.9	19.4	43.6	110.3	102.4

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	32%	13%	7%	0%
Operating Profit CAGR	50%	10%	10%	0%
PAT CAGR	151%	13%	12%	0%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	28%	16%	9%	24%
ROE Average	19%	11%	14%	15%
ROCE Average	20%	12%	16%	17%

Lumax Industries Balance Sheet

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	268	309	362	435	446	460	492	584
Minority's Interest	0	0	0	0	0	0	0	0
Borrowings	11	4	2	1	26	0	58	61
Other Non-Current Liabilities	51	63	53	115	152	101	112	151
Total Current Liabilities	529	535	847	711	745	836	884	1070
Total Liabilities	859	911	1265	1262	1370	1397	1546	1866
Fixed Assets	408	419	518	549	652	626	710	748
Other Non-Current Assets	118	144	156	249	275	225	225	281
Total Current Assets	332	348	590	465	442	546	611	837
Total Assets	859	911	1265	1262	1370	1397	1546	1866

Lumax Industries Cash Flow

#(Fig in Cr.)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	18	3	1	1	2	8	3	16
Cash Flow from Operating Activities	81	100	140	104	103	76	108	108
Cash Flow from Investing Activities	-37	-62	-128	-97	-194	-31	-129	-90
Cash Flow from Financing Activities	-59	-39	-11	-6	96	-51	34	-26
Net Cash Inflow / Outflow	-15	-2	1	1	6	-5	13	-8
Closing Cash & Cash Equivalent	3	1	1	2	8	3	16	7

Lumax Industries Ratios

#	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	55.66	58.17	76.34	111.04	76.91	19.42	43.57	110.27
CEPS(Rs)	80	91.18	113.2	165.71	144.89	88.43	111.68	195.77
DPS(Rs)	12	14.5	23	35	23.5	7	13.5	27
Book NAV/Share(Rs)	278.85	330.69	387.26	465.24	477.62	492.56	526.06	624.3
Core EBITDA Margin(%)	6.31	7.08	7.95	8.31	9.89	7.02	7.69	8.93
EBIT Margin(%)	3.89	4.6	5.45	7.64	7.13	4.37	4.24	7.69
Pre Tax Margin(%)	2.93	3.81	4.97	6.76	5.73	2.32	3	6.4
PAT Margin (%)	2.63	3.07	3.43	5.11	4.49	1.27	2.31	4.43
Cash Profit Margin (%)	5.33	5.98	6.26	8.37	8.46	5.8	5.93	7.86
ROA(%)	4.3	4.95	5.33	7.49	5.46	1.31	2.77	6.04
ROE(%)	14.15	15.39	17.27	23.74	16.31	4	8.55	19.17
ROCE(%)	14.06	16.6	21.23	27.17	17.05	8.16	9.22	19.66
Receivable days	47.12	47.63	54.95	53.15	44.92	49.85	46.52	42.18
Inventory Days	27.19	28.23	30.74	36.76	43.68	51.39	50.49	50.33
Payable days	147.01	158.9	162.55	141.43	144.64	146.54	145.51	130.37
PER(x)	7.54	23.91	28.55	16.38	11.12	82.57	20.32	16.07
Price/Book(x)	1.51	4.21	5.63	3.91	1.79	3.26	1.68	2.84
Dividend Yield(%)	2.86	1.04	1.06	1.92	2.75	0.44	1.52	1.52
EV/Net Sales(x)	0.41	1.09	1.3	0.99	0.67	1.26	0.67	0.88
EV/Core EBITDA(x)	5.58	13.02	15.29	11.1	6.52	14.34	7.91	9.12
Net Sales Growth(%)	0	1.25	29.78	12.25	-13.5	-10.96	22.81	32.44
EBIT Growth(%)	0	20.15	40.56	53.52	-19.21	-45.46	22.71	140.08
PAT Growth(%)	0	18.88	32.16	63.28	-24.01	-74.75	145.16	153.11
EPS Growth(%)	0	4.51	31.25	45.45	-30.73	-74.75	124.35	153.11
Debt/Equity(x)	0.49	0.3	0.29	0.32	0.71	0.65	0.74	0.65
Current Ratio(x)	0.63	0.65	0.7	0.65	0.59	0.65	0.69	0.78
Quick Ratio(x)	0.43	0.43	0.5	0.37	0.35	0.39	0.39	0.43
Interest Cover(x)	4.06	5.82	11.56	8.68	5.08	2.13	3.43	5.99
Total Debt/Mcap(x)	0.32	0.07	0.05	0.08	0.4	0.2	0.44	0.23

Lumax Industries Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	75	75	75	75	75	75	75	75	75	75
FII	0.47	0.25	0.24	0.47	0.65	0.84	1.12	1.15	1.12	1.09
DII	0.36	0.36	0.3	0.57	0.57	0.62	1.03	1.28	1.42	1.47
Public	24.16	24.39	24.46	23.96	23.79	23.54	22.85	22.57	22.46	22.44
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
FII	0	0	0	0	0.01	0.01	0.01	0.01	0.01	0.01
DII	0	0	0	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Public	0.23	0.23	0.23	0.22	0.22	0.22	0.21	0.21	0.21	0.21
Others	0	0	0	0	0	0	0	0	0	0
Total	0.93	0.93	0.93	0.93	0.93	0.93	0.93	0.93	0.93	0.93

Pros

Debtor days have improved from 145.51 to 130.37days.

Cons

Company has a low return on equity of 11% over the last 3 years.
Stock is trading at 3.7 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.